NJ Tax Revenue Projections Up

TRENTON – New Jersey tax revenue is running ahead of the original projections, though there is disagreement over just how much.

The non-partisan Office of Legislative Services is projecting $913 million in additional revenue, while Treasurer Andrew P. Sidamon-Eristoff put forth a more conservative estimate of $511 million when he addressed the Assembly Budget Committee today.

The increased revenue comes from higher-than-anticipated income tax collection, fueled by the recovery on Wall Street.

Deborah Howlett, president of New Jersey Policy Perspective, said, “While it’s great to hear that New Jersey tax revenues seem to have bottomed out and are beginning to climb, the state remains stuck in a very deep hole…. The state must choose to invest these revenues wisely, using the money to restore the devastating cuts made to services and to pay into the state pension system.”